General Motors and Hyundai will explore a potential collaboration to develop vehicles, improve supply chains and advance clean-energy technology.

The automakers said Thursday that they will attempt to lower costs and bring a wider range of vehicles to customers more quickly.

In addition to possible partnerships to produce passenger and commercial vehicles, including combustion engines as well as electric and hydrogen technologies, the companies will pursue opportunities for combined sourcing in battery raw materials, steel and other areas.

"Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently,” GM Chair and CEO Mary Barra said in a company release.

Hyundai Motor Co. and GM have signed a memorandum of understanding and said that they will work towards binding agreements.